October 10, 2018
Halo Labs Inc. (“Halo” or the “Company“) (NEO:HALO) is pleased to provide an update on the company’s Nevada operations. Halo has successfully launched 3 of its leading brands: Black Hat, Mojave, and Hush which are now available at 5 dispensary chains across 7 locations with an additional dispensary chains signed up for roll out this month. Additionally, the company has developed and launched a Private Label brand for Cannacopia. The manufacturing and sales operations have steadily ramped with sales in Nevada already exceeding US$166K in the first 6 weeks, with sufficient inventory and production capacity to ramp sales up to $1M/month in Nevada alone.
Kiran Sidhu, Halo’s Chief Executive Officer said “We are very pleased with the progress the team on ground in Nevada has made, launching multiple brands and signing sales agreements with a number of leading dispensaries in such a short period of time. This initial traction we have experienced gives us further confidence in achieving our target run rate of $1M per month in sales from Nevada before year end.”
Summary of Nevada Update
- Halo has launched Black Hat, Mojave, and Hush across numerous dispensary chains in Nevada
- Halo has developed and delivered a private label brand of Cannacopia
- Since commencing operations sales have exceeded $165K and the company has sufficient inventory and production capacity to ramp sales up to $1M/month in Nevada alone
- Halo intends to expand current 2,000 sq. ft production operations by an additional 6,000 sq. ft to increase vaporizer cartridge output and add concentrates lines in DabTabs, a new technology enabling cannabis users to consume concentrates more easily
- Halo has taken over management of a cultivation license and facility which will be re-focused on utilizing low-cost light-deprivation hoop houses to cultivate cannabis specifically designed for extraction
Halo currently oversees 2,000 square feet of the production facility at 3685 East Post Road in Clark County located adjacent to the Las Vegas Airport, which is currently being used to assemble vaporizer cartridges. Over the next six months, Halo intends to expand this operation by an additional 6,000 square feet, which will be used to produce additional vaporizer cartridges and concentrates lines in DabTabs™. Halo intends to deploy EtOH, BHO and CO2 extraction methods at this facility.
Additionally, the current facility to which the cultivation license relates is located at 4235 Arctic Spring Avenue in Clark County. Halo is evaluating moving this cultivation license to a location outside of Las Vegas, in greater Clark County and is currently evaluating sites. Halo intends to cultivate raw cannabis material in Nevada using low-cost light-deprivation hoop houses specifically designed for use in its manufacturing of cannabis oils and concentrates. The primary objective of Halo’s cultivation strategy in Nevada will be to produce low cost, high THC and CBD cannabis trim for producing oils and concentrates.
Halo is a cannabis extraction company that develops and manufactures quality cannabis oils and concentrates, which are the fastest growing segments in the cannabis industry. Founded in Oregon in 2016, Halo has expertise in all major cannabis manufacturing processes, leveraging proprietary processes and products, and has produced over 2.5M grams of oils and concentrates since inception. The forward-thinking company is led by a strong management team with deep industry knowledge and blue-chip experience. The Company is currently expanding its operations with new facilities in Nevada and California. With a consumer-centric focus, Halo will continue to market innovative branded and private label products across multiple product categories.
For further information regarding Halo, see Halo’s disclosure documents on SEDAR at www.sedar.com.
Investors are cautioned that, except as disclosed in the information circular prepared in connection with the Transaction or this news release, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Halo should be considered highly speculative.
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Halo’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Halo’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”.
By identifying such information and statements in this manner, Halo is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Halo to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Halo has made certain assumptions.
Although Halo believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Halo does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Halo or persons acting on its behalf is expressly qualified in its entirety by this notice.